The 2013 debate around tax reform started in earnest last week. After the Senate leadership recently announced its support for eliminating personal and corporate income taxes and relying on the sales tax to raise most of the more than $12 billion in lost revenue, various folks have been weighing.
We put out an analysis last week on the impact of this plan as outlined by the Civitas Institute and Arthur Laffer’s consulting firm. These changes would mean a huge shift in the tax load to poor and middle-income North Carolina taxpayers and generous benefits to the wealthiest individuals. And the plan doesn’t generate the economic returns that are so often promised with such proposals. Read More